Killeen, TX - Recent New Home Sales Numbers Suggest Market Decline is Deepening
Posted on: May 07, 2012 09:20:49 AM
In the Killeen, TX market in February, new home sales dropped year-over-year, and the percentage decline was more severe than January 2012, suggesting the market may be worsening. New home sales saw a drop of 27.7% from the year earlier to 86 after sales fell 7.5% in January from the year earlier.
A total of 1,409 new homes were sold during the 12 months that ended in February, down from 1,442 for the year that ended in January.
Moving south from a year earlier, new home sales in February 2012 made up 16.3% of overall housing sales, while the year-ago figure was 28.4%. Sales of new and existing homes jumped year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
The average price of new homes fell 4.7% year-over-year in February to $175,184 per unit. This decline a drop off from the 9.0% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. Average mortgage size slipped 1.7% to $173,458 in February from a year earlier. In January 2012, average mortgage size on newly sold homes saw a 7.0% decline from a year earlier. Of the overall sale price, the percentage that was being financed increased 3.1 percentage points year-over-year to 99.0% in February 2012.
Killeen, TX - Recent New Home Sales Numbers Suggest Market Decline is Deepening
Posted on: May 07, 2012 09:20:49 AM
In the Killeen, TX market in February, new home sales dropped year-over-year, and the percentage decline was more severe than January 2012, suggesting the market may be worsening. New home sales saw a drop of 27.7% from the year earlier to 86 after sales fell 7.5% in January from the year earlier.
A total of 1,409 new homes were sold during the 12 months that ended in February, down from 1,442 for the year that ended in January.
Moving south from a year earlier, new home sales in February 2012 made up 16.3% of overall housing sales, while the year-ago figure was 28.4%. Sales of new and existing homes jumped year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes fell 4.7% year-over-year in February to $175,184 per unit. This decline a drop off from the 9.0% decline in January from a year earlier.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. Average mortgage size slipped 1.7% to $173,458 in February from a year earlier. In January 2012, average mortgage size on newly sold homes saw a 7.0% decline from a year earlier. Of the overall sale price, the percentage that was being financed increased 3.1 percentage points year-over-year to 99.0% in February 2012.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home sales have moved from 99.2% of new home sales to all of sales while attached units have gone from 0.8% of sales to no part of sales.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 33.3% of sales. In February 2011, they made up 35.0%. The percentage of existing home sales involving foreclosures went from 20.3% in February 2011 to 19.5% in February 2012 and REO sales moved from 14.7% of existing home sales in February 2011 to 13.8% in February 2012.
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Source: Housing Intelligence